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Buffett-backed Nubank hired investment banks to lead IPO, says a source

A public listing could lead the company to a valuation of over $40 billion

Nubank logo, in front of the company's headquarters in São Paulo
Photo: Reuters/Paulo Whitaker
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  • At that valuation, Nubank’s IPO would be one of the biggest-ever stock market debuts of a Latin American company, putting it on par with other high-profile offerings such as that of online brokerage Robinhood;
  • Nubank is expected to file for the IPO by the end of this year or early 2022, sources have told Reuters.

Nubank, the Brazilian neobank backed by Warren Buffett‘s Berkshire Hathaway, has hired Morgan Stanley, Goldman Sachs, and Citigroup to help lead its U.S. initial public offering, a source familiar with the matter said on Monday.

Reuters reported in June that Nubank had invited investment banks to pitch for roles in the upcoming IPO, which could value the company at more than $40 billion.

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At that valuation, Nubank‘s IPO would be one of the biggest-ever stock market debuts of a Latin American company, putting it on par with other high-profile offerings such as that of online brokerage Robinhood, which went public in July.

Nubank is expected to file for the IPO by the end of this year or early 2022, sources have told Reuters.

READ ALSO: Nubank buys American Juntos Global for personalized chats with customers

Nubank, whose legal name is Nu Pagamentos, declined to comment on the matter. Morgan Stanley, Citi, and Goldman Sachs also declined to comment.

In June, Nubank raised $750 million in a funding round led by Berkshire Hathaway, valuing it at $30 billion.

Founded in 2013, Nubank has 40 million clients. Although most of them are in Brazil, the fintech has recently expanded to Mexico and Colombia.

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